Kathmandu. KATHMANDU: The government and the Peasants and Workers Movement Against Microfinance and Financial Exploitation have signed a 7-point agreement. With the agreement, the agitating parties have announced the postponement of all their Kathmandu-centric protest programs. <\/p>\n
The agreement was signed on Thursday evening after a meeting between the officials of the agitating farmers and workers movement and the talks team formed by the Ministry of Finance. <\/p>\n
As per the agreement, a high-level microfinance financial institution problem resolution committee would be formed to study and suggest issues related to people-oriented monetary policy, service-oriented and social banking, financial literacy and amendment of Banking Offences Act, 2064 among other issues to resolve the problems related to members and borrowers of microfinance financial institutions. <\/p>\n
Similarly, the government will conduct a revival program for the distressed microfinance borrowers, review the existing provisions related to blacklisting and auction of collateral and analyze the data on the demands related to loan waiver and recommend an implementable report with appropriate alternatives. <\/p>\n
In the case of financially incompetent borrowers, necessary instructions will be given to the concerned microfinance institution to ascertain the situation of the loan secured by the borrower through the loan deposit and credit guarantee fund or the life insurance of the borrower. Similarly, for the effective management of complaints and problems related to microfinance, a mechanism will be set up at the Microfinance Institutions Supervision Department of Nepal Rastra Bank through other means including the provision of a toll-free hotline. <\/p>\n
The government side has agreed to fully implement the Operation Guideline 2079 issued by the Nepal Rastra Bank to the ‘D’ class licensed microfinance financial institutions and the Nepal Rastra Bank will strictly monitor it. <\/p>\n
The government has directed the District Administration Office to take action against the microfinance institution if it indulges in illegal activities such as torture for loan recovery, taking goods from home and arresting employees staying at home until the installment is paid. <\/p>\n
Ramesh Century, Surendra Chandra Ghimire, Bimala Gajmer, Damodar Dhakal, Jogendra Yadav, Poonam Kumari Mahato, Niraj Raj Joshi among others signed the agreement on behalf of the agitating side.\u00a0Coordinator Mahesh Acharya, member Ramu Poudel, director Narayan Prasad Pokharel, under-secretary Narayan Prasad Adhikari, member secretary Bolraj Acharya, deputy director Pramesh Pokharel and assistant director Utsav Raj Panta signed the agreement on behalf of the government talk team.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. KATHMANDU: The government and the Peasants and Workers Movement Against Microfinance and Financial Exploitation have signed a 7-point agreement. With the agreement, the agitating parties have announced the postponement of all their Kathmandu-centric protest programs. The agreement was signed on Thursday evening after a meeting between the officials of the agitating farmers and workers […]<\/p>\n","protected":false},"author":5,"featured_media":228719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45117,45031,45159],"tags":[],"class_list":["post-310902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-finance-en","category-banner-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/310902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=310902"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/310902\/revisions"}],"predecessor-version":[{"id":310903,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/310902\/revisions\/310903"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/228719"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=310902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=310902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=310902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}